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GBP/USD holds technical breakout level so far today
The weaker than expected US CPI data delivered yesterday was the prefect news the Pound needed to accelerate versus the dollar. As covered here at the time, the GBP/USD charged above the current 2024 high, at 1.2894 immediately after the release of that data. The high seen was set at 1.2949. An update here noted how the former high at 1.2894 could and probably would act as the first support to any relapse in the gains and so far since then that has been the case. The low seen from the high yesterday was set at 1.2899 after the European close. The price action so far today has been covered by a low at 1.2902 and an earlier high at 1.2924. An update here yesterday also noted the door was now clearly open for a move to above 1.30 in the GBP/USD and nothing has yet emerged to change that outlook. The GBP/USD is currently trading at 1.2913
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